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Amity University Online – B.A. Economics

SEMESTER I

Subject Name: Micro Economics- I

Course Code: ECON131

Course Objectives: The course aims at familiarizing the students pertaining to decisions made at

individual level by consumers and firms after evaluating resources, costs and tradeoffs by the consumers

and firms.

Student Learning Outcomes: After completing the course successfully, the students will be able to:

1. Describe Themes of Microeconomics

2. Understand consumption decisions

3. Identify various types of costs

4. Compare one variable, two variable and all variable production functions

5. Apprise profit maximization in competitive markets

6. Explain producers’ surplus in short run and long run

7. Differentiate and compare between monopoly and monopsony power

8. Understand perfect competition and monopoly markets

Syllabus

Module I Introduction to consumer Behavior Weightage

Definitions of economics, scope and importance,

40%

Themes of Microeconomics: Tradeoffs, Markets and prices, Equilibrium, theories and

models, Normative and Positive analysis

Understanding Markets: Definition, competitive vs non-competitive markets, Real versus

Nominal Prices

Concept of utility: cardinal utility approach, Law of marginal utility, Law of DMRS,

indifference curve, The consumption decisions -- budget constraints, consumption and

income/price changes, demand for all other goods and price changes Description of

preferences [Representing preferences with Indifference curves. Properties of Indifference

curves]

Consumers’ optimum choice, income and substitution effects.(Hicks and Slutsky), ordinary

and compensated demand curves, inferior goods and Giffen goods, price consumption and

income consumption curves, Revealed preference----weak axiom and substitution effect,

Consumer Surplus

Demand and supply: demand and supply curves, laws of demand and supply, elasticities of

demand and supply (point vs arc elasticities), market mechanism, government

intervention

At least 2 case studies relevant to the topics will be discussed in the class.

Self-work: Categorization of consumers according to their buying propensities.

Combination of products chosen buy consumers according to their budget and prevailing

prices.

Welfare and taxation with the help of Indifference Curves.

Module II production and cost

Cost of Production: Types of Cost, short run and long run costs, cost curves in the short

run and long run, total, average, and marginal product, cost minimization and expansion

path

35%

Technology of Production, Production Function: One variable, two variable (Isoquants),

Returns to scale, elasticity of substitution, Cobb Douglas Production Function, Linear, and

CES production function.

Theory of costs

Envelop curve, L-shaped scale curve

Economies of scale and scope


Self-Work: Preparing reports on Profit analysis based various types of cost of revenue.

Prevalent external economies for different industries.

Module III Profit Maximization and Perfect Competition

Assumptions, marginal revenue, marginal cost and profit maximization

10%

Short run supply curves, producers’ surplus in short run, economic rent, producers’ surplus in long run

Industry’s long run supply curve,

At least 1 case study relevant to the topics

Module IV Monopoly

Monopoly: Assumptions, AR and MR , output decisions.

15%

Monopoly power, sources of monopoly power, social cost of monopoly power,

Monopsony: Meaning of monopsony, monopsony power.

Difference between monopsony and monopoly.


Self-work; Product categorization according to market structure

Text Reading:

Robert S. Pindyk and D.L. Rubinfeld, (2000), Microeconomics, 3rd edition, Prentice Hall India.

Ferguson & Gould- Micro Economic Theory, Cambridge University Press

References:

Koutsoyiannis, Modern Microeconomics, Macmillan.

Karl E. Case and Ray C. Fair, Principles of Economics, Pearson Education Inc., 8th Edition, 2007.

N. Gregory Mankiw, Economics: Principles and Applications, India edition by South Western, a

part of Cengage Learning, Cengage Learning India Private Limited, 4th edition, 2007.

Joseph E. Stiglitz and Carl E. Walsh, Economics, W.W. Norton & Company, Inc., New York,

International Student Edition, 4th Edition, 2007.

Hal R. Varian, Intermediate Microeconomics, a Modern Approach, W.W. Norton and

Company/Affiliated East-West Press (India), 8th edition, 2010. The workbook by Varian and

Bergstrom may be used for problems.

C. Snyder and W. Nicholson, Fundamentals of Microeconomics, Cengage Learning (India),

2010.

B. Douglas Bernheim and Michael D. Whinston, Microeconomics, Tata McGraw- Hill (India),

2009.

Ahuja, H.L., Advanced Economic Theory, S. Chand17th revised edition, 2008

Subject Name: Fundamentals of Macro Economics – I


Course Objectives: This course aims at imparting knowledge to the students about how the economy

behaves at the aggregate level and how national income is measured and determined. Topics include an

overview of macroeconomics including causes of its emergence, major macro-economic concerns,

measuring gross domestic product, inflation etc. It will enable the students to develop a critical insight

on classical and Keynesian macro-economic models.

Student Learning Outcomes: On successful completion of the course, students will be able to:

Understand the need for Macroeconomics as a separate field of study

Identify the analytical tools by economists for the calculation of national income and the

problems/precautions attached to it.

Demonstrate an understanding of Circular flow of income and expenditure in an economy

Illustrate the determination of equilibrium level of output/employment under: Classical and

Keynesian framework.

Explain how the national income is calculated in India

Understand the meaning, causes and effects of inflation

Comprehend and interpret the measurement of inflation in India

Syllabus:

Module I Introduction to Macroeconomics Weightage

Difference between Micro and Macro Economics and their interdependence. The roots of

macroeconomics,

Macroeconomic concerns, The role of government in the macro economy, The

components of the macro economy and The methodology of macroeconomics

10%

Module II Introduction to National Income Accounting

Circular flow of income in two, three and four sector economy. Various Concepts of

national income, GDP and personal income, Nominal and real GDP, Various Approaches to

Measurement of national income, Difficulties in the measurement of National Income,

Measurement of national income in India

20%

Module III The Classical Theory of Income and Employment

The Classical full Employment model: Say’s law of market, Wage-Price flexibility and full

employment, Determination of equilibrium employment and output in the short run

without saving and investment: Labour market equilibrium, Determination of output.

Classical full Employment model: Determination of equilibrium employment and output

with saving and investment –Capital Market equilibrium and determination of rate of

interest. Classical Theory of Employment and output-complete classical model. Neutrality

of money and classical Dichotomy.

25%

Module IV The Simple Keynesian Model

Keynesian Consumption Function: Concepts of APC and MPC and shape of consumption

function. Determination of equilibrium level of national income in a two sector and three

sector economy using Aggregate Demand-Aggregate supply approach and saving-

investment approach. Fiscal policy at work-- Concept of Multiplier, Types of Multiplier,

Investment Multiplier, Government Expenditure Multiplier, Tax Multiplier, Leakages of

Multiplier

25%

Module V Inflation

The meaning and causes of inflation, Demand pull and Cost Push inflation. Level of prices

and the value of money- The Fisher effect, The cost of inflation: Cost of Anticipated

Inflation-Shoe Leather cost and Menu Cost and other. Effects of unanticipated inflation.

Measurement of Inflation in India.

20%

Text Reading:

Dornbush, Fischer & Startz: Macroeconomics, Tata McGraw-Hill Publishing Co. Ltd

Blanchard Olivier: Macroeconomics, Pearson Education

W. H. Branson. Macroeconomics, Harper & Row INC USA, Indian Edition

D.N. Dwivedi, Macro Economics: Theory & Policy, Tata Mcgraw Hill

References:

J.E. Stiglitz, and C.E. Walsh, Principles of Economics, 3rd Edition, W.W. Norton & Company, New

York.

Ackley, G , :“Macroeconomics: Theory and Policy, Macmillan, New York

K.K. Dewitt: Modern Economic Theory, New Delhi, Shyamlal Charitable Trust

Subject Name: Economic History of India (1857-1947)


Course Objectives:

The course aims at familiarizing the students with Economic Theories; Concepts of models so that they

can apply economic theories and models in the execution of problems & functions.


Understand different historical periods and the rulers who came to invade India for different

purposes.

Assess the economic aggregates like national income, foreign trade, balance of payments money

supply, prices etc of India in Pre British era and compare it with the 200 years of colonial rule.

Clearly explain and illustrate the requirement of Economic change and infrastructural

development like railways, growth of industrial sector and growth of entrepreneurship.

Describe the problems faced by modern industrial sector during the pre-war and inter war

period.

Syllabus

Module I Weightage

An overview 10%

Module II Introduction to National Income Accounting

Population, labour force and occupational structure; National Income; Foreign trade and

Balance of Payments; Saving and Investment; Money supply and prices. 30%

Module III The Classical Theory of Income and Employment

Railways and Economic change 20%

Module IV The Simple Keynesian Model

Agriculture, land, labour, capital, technology, commercialization, famines and

environment 20%

Module V Inflation

The deindustrialization hypothesis, rise of the modern industrial sector during the pre-war

and the interwar period, industrial labour, growth of entrepreneurship. 20%

Text:

Tirthankar Roy (2000), The Economic History of India, 1857-1974, Oxford University Press, Ch.

3,4,7,8 & 9.

Rajnarayan Chandavarkar (1985), “Industrialization in India before 1947: Conventional

Approaches and Alternative Perspectives”, Modern Asian Studies.

References:

A.K. Bagchi (1976), “Deindustrialization in India in the Nineteenth Century: Some theoretical

implications”, Journal of Developmental Studies.

Morris D. Morris (1965), The Emergence of an Industrial Labour Force in India: A Study of the

Bombay Cotton Mills 1854-1947, Oxford University Press.

Rajat Ray (ed) (1992), Entrepreneurship and Industry in India, 1800-1947, Oxford University

Press.

Additional Reading:

A.K. Bagchi (1972), Private Investment in India, Orient Longman (1st

ed), Ch.2.

J.N. Bhagwati and Padma Desai (1970), India, Planning for Industrialization, Oxford University

Press, Chs. 2 & 3.

Any other Study Material:

Economic Survey of India, various issues

SEMESTER II

Subject Name: Statistical Methods in Economics- I


Course Objectives: The course aims at making students understand the applications of statistical

methods for data analysis and help them in learning critical thinking.

Course Outcome: After completion of the course the Students would learn to:

Understand the basic concepts of statistical methods.

Classify and present the data using graphs.

Apply statistical methods for prediction and forecasting.

Calculate the descriptive statistics.

Demonstrate the ability to contract the index numbers.

Estimate the coefficients in bivariate distributions

Syllabus:

Module I Nature and Scope of Statistics, Presentation of Data Weightage

Interdisciplinary Nature of Statistics

Statistics versus Other Subjects

Nature, Significance and limitations of Statistics

Collection, Classification and tabulation of data

Presentation of Data; Diagrammatic and graphic representation; Bar diagram, Pie

diagrams, Histograms and

Frequency graphs

Self work on: Presentation of Data using MS Excel

10%

Module II Measures of Central tendency and dispersion

Measures of Central tendency; Arithmetic Mean, Median, Mode, Harmonic Mean

And Geometric Mean

Measures of dispersion; Range, Quartile Deviation, Mean Deviation, Standard

deviation, Co-efficient of Variation, Percentiles and Deciles.

Skewness; Pearsonian and Bowley’s measure of Skewness

Kurtosis and Moments (Numerical examples and applications).

Self Work on: solving atleast 10 numerical problems on central Tendency and

Dispersion

35%

Module III Correlations and Regression

Correlation –Meaning, types, limitations of correlation

Correlation coefficient; meaning, properties Measurement of Coefficient of

Correlation – Rank Correlation Co-efficient-

Karl Pearson’s correlation coefficient in bivariate distribution; Estimation and

Interpretations- Self Work: Numerical examples

Regression – Meaning, types, properties and assumptions of Regression

Two variable linear regression; Regression lines and regression Co-efficient-

Numerical examples.

30%

Module IV Index Numbers and Time Series Analysis

Concept of an index number , type, uses & problems in the Construction of an

index numbers

Construction of Index number; Unweighted & Weighted (Laspeyer’s, Paasche's

and Fisher's Index Numbers)

Time Reversal, Factor reversal and circular tests

Chain base index, Wholesale price index and consumer price index

Index of industrial production and applications of index number

Introduction to time series; Meaning, Uses and assumptions of time series

Components of a time series; Secular Trend, short-term variations and random or

irregular variations

Mathematical models of Time Series

Measurement of Trend; Graphic or Free-Hand Curve Fitting Method, Method of

Semi Averages, Method of Curve Fitting by the Principle of Least Squares,

Conversion of Trend Equation

Method of Moving Averages

Self Work: Uses of time series analysis- Numerical Examples

25%

Text Reading:

Allen Webster, Applied Statistics for Business and Economics, (3rd edition), McGraw Hill,

International Edition 1998.

P.H. Karmel and M. Polasek, Applied Statistics for Economists (4th edition), Pitman, Australia.

M.R. Spiegel (2nd edition), Theory and Problems of Statistics, Schaum Series.

D.N.Elhance – Fundamentals of Statistics

R.G.D.Allen – Statistics for Economists – Macmillan India

Subject Name: Micro Economics- II


Course Objectives: The course aims at imparting and familiarizing the students with oligopoly and

monopolistic competitions. The course also aims at imparting knowledge about factor pricing and

welfare economics

Student Learning Outcomes:

After completing the course successfully, the students will be able to:

Summarize various models of oligopoly

Describe assumptions of monopolistic market

Summarize price output determination in monopolistic competition

Identify determinants of factor demand and elasticity of demand

Apprise indifference curves between leisure and income

Explain concepts of new welfare economics

Syllabus:

Weightage (%)

Module I Monopolistic Competition

25% Features, price output determination in monopolistic market, excess capacity

in monopolistic competition, price output equilibrium under monopolistic

competition compared with perfect competition, economic efficiency,

chamberlin’s theory of Monopolistic competition and its critique

Self Work: Market Power and product differentiation

Module II Oligopolistic Market

30%

Assumptions, Features, Various models (collusive and non-collusive)

Approaches to Price- Output determination: Ignoring Interdependence:

Cournot rival firm output constant,Bertrand rival firm price constant;

Predicting Reaction Pattern and counter moves of rivals-P M Sweezy;

Cooperative Behaviour: Collusive,Price Leadership ; Game Theory Approach:

prisoner’s dilemma, Nash Equilibrium, Baumol’s Sales Revenue

Maximisation

Self work: Theory of Games and competitive Strategy

Module III Theory of Factor Pricing

20% Theory of factor distribution (Micro and macro theories) Pricing of factors in

competitive markets , Derived demand for a single input and multiple inputs in

competitive & imperfect competition, determinants of demand for factors,

elasticity of factor demand markets, firm demand and industry demand,

Nature of supply of factors (land and labour), indifference curves between

leisure and income, wage determination in competitive labour market

Self work: collective bargaining and exploitation rent & quasi rent.

Module IV General Equilibrium Analysis and Welfare Economics

General Equilibrium Analysis: Partial and General Equilibrium ; Welfare

Economics: Three concepts of Social Welfare, Role of Value Judgements in

Welfare Economics; Economic Efficiency and Pareto Optimality, Marginal

Conditions of Pareto Optimality, Efficiency in Exchange, Pareto Efficiency in

Production, Efficiency in Product Mix;

New Welfare Economics: Kaldor Hicks: Compensation Principle, Scitovsky

Paradox, Scitovsky Double Criterion of Welfare, Bergson Social Welfare

Criterion; Bergson –Samuelson Social Welfare Function-Social Welfare

Function and Value Judgements-Grand Utility Possibility Frontier and Value

Judgements- Grand Utility Possibility Frontier and Point of Constrained Bliss.

Self Work: Critique of Welfare Economics, Critique of Social Welfare

25%

Text Reading:

Robert S. Pindyk and D.L. Rubinfeld, (2000),

Microeconomics, 3rd edition, Prentice Hall India.

Ferguson & Gould- Micro Economic Theory, Cambridge University Press

References:

Koutsoyiannis, Modern Microeconomics,

Macmillan. Managerial Economics,

Vikas Publications M.L. Trivedi,

Managerial Economics- Theory & Applications, Tata McGraw Hill, 2002.

W.J. Baumol, Economic Theory & Operations Analysis, Prentice Hall.

Subject Name: Fundamentals of Macro Economics - II


Course Objectives: The main objective of this course is to introduce students to Macro economic theory

and to prepare them for more advanced courses. The students will be given in depth knowledge of the

recent developments in the Macro economic theory.

Student Learning Outcomes: After completing the course successfully, the students will be able to:

Elaborate the Keynes psychological law of consumption and other theories of consumption and

investment. Under this the student should be clearly be able to understand the concept of

multiplier, Accelerator, Marginal efficiency of capital, Induced and Autonomous investment.

Understand and replicate the concept of IS-LM Model.

Comprehend the key concepts of New classical theories and New Keynesian Theories.

Identify the basic concepts underlying Balance of payments

Understand how exchange rate is determined under both: Fixed and Flexible exchange rate

regime.

Syllabus:

Weightage (%)

Module I consumption function and investment function theories 25%

Short run and long run consumption functions, APC, MPC, APS, MPS.

Fundamental Psychological law of consumption; Implications of Keynesian

Consumption Function; Factors influencing consumption function; Measures

to raise Consumption Function; Theories of Consumption Function-

Absolute, relative, permanent and life cycle income hypotheses.

Augmented learning on: The decisions to invest- Autonomous and Induced

investment, investment multiplier, MEC and MEI schedule. Profit and

Accelerator theories of investment.

Module II IS-LM Model 20%

Goods Market Equilibrium: The derivation of the IS curve, Shift in the IS curve;

Money Market Equilibrium: The derivation of the LM curve, Shift in the LM

curve;

Self-work on: Intersection of the IS and LM curves: The simultaneous

equilibrium of the Goods market and Money market; The role and relative

effectiveness of fiscal and monetary policy.

Module III Recent Developments in Macro Economic Theory 30%

The New Classical Economics: Rational expectations hypothesis: Policy

ineffectiveness; Real Business Cycle Theory.

Self-work on: The New Keynesian Models: Real and nominal price rigidity:

Menu cost; Imperfect competition Real and Nominal wage rigidity: insider-

outsider model; efficiency wages; implicit contracts; Co-ordination problem.

Module IV Exploring the Macro economics of an Open economy

25%

Balance of Payments- The current and capital account, Group

Discussion/Industry expert lecture on Balance of Payment situation in India.

Determining equilibrium output in an open economy Mundell Fleming Model;

Self-work on: Open economy with Flexible and Fixed exchange rates- Markets

for Foreign exchange, Factors affecting exchange rates, effects of exchange

rates on the economy. Dornbusch’s overshooting model.

Text Reading:

1. Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th

edition, 2010.

2. N. Gregory Mankiw, Macroeconomics, Worth Publishers, 7th

edition, 2010.

3. Richard T. Froyen, Macroeconomics, Pearson Education Asia, 2nd

edition, 2005.

4. N. Mankiw and D. Romer (1991), ed., New Keynesian Economics, MIT,2 Volumes. Selected

Readings.

5. Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics, Pearson

Education Asia, 9th

edition, 2012.

References:

O. Blanchard and S. Fischer (1989), Lectures on Macroeconomics, MIT

SEMESTER III

Subject Name: International Economics- I


Course Objectives: This course focuses on the basic issues, concepts and theories related to the

international economics. It includes different trade policy & welfare, international trading system, WTO,

Balance of Payments Fixed and Flexible exchange rate systems, IMF & others

Student Learning Outcomes: Upon successful completion of the course, students will be able to:

Outline a broad knowledge of core areas of international economics.

Explain the various reasons why countries engage in international trade, including the

direction and volume of trade between nations.

Identify how the concepts of comparative advantage and specialization lead to gains from

trade.

Analyse how international factor mobility affects an economy.

Define terms of trade and distinguish various terms of trade

Describe instruments and consequences of trade policy measures -tariffs and non tariff

barriers

Syllabus:

Module I International Trade Theory Weightage

The subject matter of international economics.

Theories of International Trade: Absolute and Comparative advantage theories. Specific-

factor model .Heckscher-Ohlin model: Factor intensity and factor intensity reversal,

Proving the HO Theorem using price and physical definitions of factor abundance, Factor

Price equalization theorem.

30%

Module II New trade theory & International Resource Movements

New trade theory: economies of scale and imperfect competition, Intra-industry trade

index.

Labour Migration : Motives and global output effects of international labour migration ,

Welfare effects on nations of emigration and immigration, Policy implications of

migration.

International Capital flows: Various forms of foreign capital, Motives for international

capital flows, welfare effects of international capital flows on the investing and host

countries. Multinational Corporations

30%

Module III Terms of Trade, Growth & Trade

Terms of trade: Various concepts, Factors affecting terms of trade. Growth and Trade:

Production and Consumption effects, Immiserising growth. The transfer problem

20%

Module IV International Trade Policy and Economic Integration

Trade Restrictions: Tariff-Various types, Partial Equilibrium effects of Tariff. Nontariff

Trade Barriers and the New

Protectionism.

International Economic Integration: Various forms, Theory of Custom Union-Trade

creation and Trade diversion

effects. Case studies of some Trade Blocks: SAARC, ASEAN,NAFTA, EU.

20%

Text Reading:

Salvatore D. International Economics, John Wiley and Sons, Singapore

Krugumn Paul R. and Maurice Obstfeld , International Economics: Theory & Policy, Addison

Wesley, Delhi.

Mannur: International Economics, Vikas Publishing House

Mithani D. M ,International Economics, Himalaya Publishing House Mumbai

References:

Södersten Bo and Reed Geoffrey, International Economics, Mcmillan, London.

Robert Carbaugh, International Economics, Cengage Learning

Subject Name: Statistical Methods in Economics- II


Course Objectives: This subject will lead the students into the field of probability and hypothesis testing.

Each one of them has a lot of application in the practical problems of economics.

Student Learning Outcomes: After completing the course successfully the students will be able to:

Define probability of simple and conditional events, standard error & hypothesis of mean.

Distinguish between tests of large samples and small samples.

Separate the hypotheses of difference of means and difference in two population means.

Justify the use of assumed distribution and parameters for a particular variable.

Syllabus:

Module I Probability Theory Weightage

Elements of Probability Theory: Sample space Events, meaning of probability

Classical definition of probability its limitations,

The addition rule, Multiplication Rule,

Theorems of total probability, conditional and statistical independence,

Bayes Theorem,

random variable, expectation and variance of random variable (for random

sampling with or without replacement)

40%

Module II Univariate Probability Distributions

Binomial, Poisson, Normal distribution,

The standard normal distribution—Mean, Variance, Skewness, Importance of

Normal Distribution in Statistics.

30%

Module III Introduction to Estimation and Hypothesis Testing

Methods of sampling;

Sampling distribution of a Statistic; distribution of the sample mean; Sampling

Error and Standard Error of a statistic with special reference to the mean; Point

and interval estimation of parameters;

Properties of an estimator; unbiasedness, relative efficiency and consistency.

Testing of Hypothesis; Type I and Type II errors, Power of a test

Large sample tests, “t“ test for the mean; one tail and two tail tests for difference

of means

Chi-square test for (i) goodness of fit and (ii) independence of two attributes.

30%

Text Reading:

Allen Webster, Applied Statistics for Business and Economics, (3rd edition), McGraw Hill,

International Edition 1998.

P.H. Karmel and M. Polasek, Applied Statistics for Economists (4th edition), Pitman, Australia.

M.R. Spiegel (2nd edition), Theory and Problems of Statistics, Schaum Series.

Subject Name: Introduction to Demography


Course Objectives: This course aims to explain various concepts of demography, theories associated

with population. It will also enable student to understand the relationship between social processes and

demographic transition in India.

Course Outcome: After doing this course the students will be able to:

Summarize components of population growth and theories associated with population

Understand structure of population and dynamics associated with the same

Understand and Use the concepts of fertility, mortality and nuptiality in economic research

Recall methods of population projection

Syllabus

Module I Introduction Weightage

• Meaning and scope of demography

• components of population growth and their inter-dependence

• Theories of population: Malthus, Optimum theory of population

• Theory of demographic transition (Views of Medows, Enke and Simon)

30%

Module II Structure and theories of Population

• Structure of Population: Population trends in the twentieth century, population

explosion and its dynamics

• International aspects of population growth and distribution

• Determinants of age and sex structure • Age pyramids projections. • Demographic effects of sex and age structure: economic and social implications

• Population and development: experiences from the Asian countries

30%

Module III Concepts of fertility and Mortality and Population Projection

Methods

• Fertility: Concept, Nuptiality and Mortality • Concept and analysis of marital status; Single mean age at marriage, synthetic cohort methods

• Mortality: Death rates, crude age-specific, Mortality at birth and infant mortality rate;

Sex and age pattern of mortality

• Factors for decline in mortality in recent past, Levels and trends of mortality rate in

advanced and less advanced countries

• Methods of population projection

40%

Text Reading:

1. Amsden, A.H. (ed.) (1980): The Economics of Women and Work, Penguin,

2. Harmondsworth. 2. Baud, I.S.A. (1992): Form of Production and Women’s Labour, Gender

Aspects of Industrialization in India and Mexico, Sage, ND. 3. Bogue, D.J. (1971):

3. Principles of Demography, John Wiley, NY. 4. Bogue, D.J. (1971)

4. Srinivasan, K. (1998): Basic Demographic Techniques and Applications, Sage, ND.

5. Bhende, Asha, and Tara Kanitkar, 1994, Priniciples of Population Studies. Mumbai: Himalayan

Publishing House

6. 5. Misra, B. D., 1980, An Introduction to the Study of Population. New Delhi: South Asian

Publishers Pvt. Ltd.

Reference books:

7. Lewis (ed.) (1989): Strengthening the Poor: What Have We Learnt, OECD, Paris.

8. Novell, C. (1988): Methods and Models in Demography, Bellhaven Press, London.

9. Simon, J.L. (1992): Population and Development in Poor Countries, Princeton Univ. Press.

10. Styrock, H. et al. (1973): The Methods and Materials of Demography, US Dept. of Commerce,

Washington.

11. Haq, Ehsanul, Sociology of Population in India. New Delhi: Macmillan,

SEMESTER IV

Subject Name: Fundamentals of Research Methodology in Economics


Course Objectives: The course aims at providing the basic framework among the undergraduate

students to initiate research process in economics right from problem identification and preparing

research design and learning to adhering to an appropriate methodology for improving the quality

of research. The course provides guidelines specifically for improving the quality of research and

learning to do empirical research.

Course Outcome: After completion of the course the Students would learn to:

Locate and Identify research problems

Define research methods vs methodology

Understand and distinguish various types of research design

Summarize Research problem and design

Organize research done in the form of various types of research reports

Apply methods for hypothesis testing

Understand importance of qualitative research in economics

Syllabus:

Module I Introduction to Research Weightage

Definition, concept, need, types of research,

Research methods versus methodology, Criteria for good research, problems encountered

by Researchers in India.

Ethics in research, types of variables,

concept and identification of parameters

Introduction to Marketing Research, Definition of marketing research,

A classification of marketing research, Marketing research process,

The role of marketing research on MIS and DSS

20%

Module II Problem Identification and Research Design

Defining the Research Problem, Developing an Approach,

Importance of defining the problem, using literature survey in research

Steps in problem identification, defining Environmental context of the problem

qualitative research;

Research Design: Objectives and definition,

types of research design Classification – (Exploratory research design,

Descriptive research design, Experimental research design)

30%

Module III Methods of Data Collection and Sampling

Types of Data: Primary and secondary data collection methods, sources of data their

importance and limitations (Observation

method, Interview method, Questionnaire method,)

Constructing questionnaire: Steps in constructing a questionnaire, types of questions

Attitude measurement and scaling techniques – ordinal, nominal, ratio, interval; Scales –

Likert scale

Sampling: Probability And Non-Probability Sampling Methods

Sampling Decisions, Sample Selection Methods

Methods of Sample Size Determination

Field Work: Data Collection and field force, Field work procedure, Common sources of

error in field work, Tabulation of

collected data, Pilot Study: Concept, Importance

35%

Module IV Hypothesis Testing and Report Writing

Test of Significance, Analysis techniques

z, t, f, chi- square, correlation and regression

Factor Analysis: Need, Importance, Application of the technique in real world Using MS-

Excel for correlation and regression

analysis

Report Writing: Types of report, components of research report, format for formal

research report to be published

15%

Text Reading:

Marketing Research – An applied orientation – by Naresh K. Malhotra

Kothari, C.R., Research Methodology, Wiley Eastern Ltd, New Delhi

Marketing Research – Zikmund, Babin, Cengage Learning Publication

Marketing Research ( text and cases) by Rajendra Nargundkar, Tata McGraw Hill

References:

Amarchand, D., Research Methods in Commerce, Emrald Publishers, Chennai

Subject Name: COMPARATIVE ECONOMIC DEVELOPMENT [1850-1950]


Course Objectives: The objective of this course is to make a comparative study of the economic

development among the developed countries- Britain, China and Japan. The course provides a historical

overview of economic development of these countries, from origins of institutions and industries to

contemporary challenges of long stagnation. The long-run trends of economic performance are

examined, linking them to the structural transformation that was witnessed by these key economies.

Along with the focus on the long run trends, the course also covers key topics in each economy,

including banking and finance, industrial organizations, international trade, population and agriculture.


Develop the understanding of key comparative economic theories- Kuznets’s, Lewis, Harris Toda

ro and Gerschenkron’s.

Show a clear awareness of the historical underpinning of economic development in Britain, Japa

n and China.

Understand and evaluate the main debates over sources of economic growth in Britain, Japan a

nd China

Describe and analyze the main sectors and institutions in each of these contemporary economie

s

Elaborate the key factors of the agricultural revolution experienced by Great Britain and the rise

of Industries.

Clearly illustrate the development process of Chinese economy- high equilibrium trap, Opium w

ars, Population crisis.

Assess how development of Japanese economy was different in terms of : Role of banks, Agricul

tural Development and Industrial growth.

1

Module I: PERSPECTIVES ON COMPARATIVE ECONOMIC DEVELOPMENT: KEY

GROWTH THEORIES

WEIGHTAGE

(%)

Perspectives on Comparative Economic Development through key theories:

A brief discussion of Kuznets' findings: inverted U-hypothesis

Lewis Model of growth: rural urban migration and labor productivity

Harris Todaro Model of growth: Extension of Lewis model in presence of

unemployment

Gerschenkron's hypothesis of Economic Development in Historical

Perspective.

30

2

Module II OVERVIEW OF ECONOMIC DEVELOPMENT

An overview of economic development of the countries selected for case

studies: Britain, China and Japan.

Britain: Pre requisites for Industrial revolution and the socio-economic

climate in Britain that was conducive to its industrial growth.

30

CHINA: Ming and Qing Dynasty: An overview of the agricultural sector

JAPAN: Imperial rule paving way for Samurai governance, Rise of EDO

governance- An overview of the agricultural sector.

3 Module III: STRUCTURAL TRANSFORMATION

Changes in the structure of agriculture and movement towards Industrial

growth:

Britain: Agricultural revolution, Two phases of industrial growth, spread of

Industrial Revolution worldwide.

China: Agricultural growth in Chinese economy, Opium Wars: Impact on

Trade with great Britain, High equilibrium trap, Population crisis.

Japan: Agricultural growth in Japanese economy, Movement towards

Industrial growth: Silk, Manufacturing and other key industries, Closed

economy model: Role of Banks in Japanese growth.

40

Text & References:

Text:

1. E.J. Hobsbawm (1968), Industry and Empire: An Economic History of Britain since 1750. Weidenfeld &

Nicholson, Chs.1,2,3,5,6.

References:

1. W.W. Lockwood (1966), Economic Development of Japan, Expanded edition, Princeton University

Press, Chs.6,7 & 10

2. Peter Mathias (1983), The First Industrial Nation, An Economic History of Britain, 1700- 1914. 2nd edn,

Methuen Chs.1,3,8 and 15.

3. Roderick Floud and D. McCloskey (ed) (1981), Economic History of Britain Since 1700, Cambridge

University Press, (2nd ed) Ch. 12.

4. T. Nakamura (1983) Economic Growth in Pre-War Japan, Tr. by Robert A Feldman, Yale University

Press, Chs. 1, 2, 3, 5 and 6.

6. Easterly, W. (2001). The Elusive Quest for Growth, Cambridge MA: MIT Press.

7. Cypher, J. M. and Dietz, J. L. (2009). The Process of Economic Development, London: Routledge.

8. Chang, H.J. (2014). Economics: The User's Guide, London: Penguin.

9. Chang, H. J. (2002). Kicking Away the Ladder. London: Anthem Press.

Subject Name: Economic Environment for Business


Course Objectives: To develop capacity of the students to think strategically about a company, its

business position, how it can develop a sustainable competitive advantage and how its strategy can be

implemented and executed successfully. To integrate the knowledge gained in earlier courses in order to

achieve sound strategic options, evaluate action alternatives, assess its business risk and create action

oriented plans.


On successful completion of the course, students will be able to:

• Clearly explain and illustrate the economic and social transformation in the planning periods and its

implications on the Indian economy.ssess the politico-economic ideology in the post independence

period of the economy.

• Describe and assess the implications of globalization on Indian economy

Syllabus:

Module I Historical and Social Roots of Indian Business Environment Weightage

Evolution of market economy in India - Comparison between Planned economy and

market economy--- Socialist system and market economy 15%

Module II Evolution of Politico-Economic Ideology in the Post-Independence period

Determinants of economic growth: Role of Institutions and geography-India’s

development strategy and economic performance-Corporate social responsibility 15%

Module III Economic and social transformation in the planning period and implications

for business

industrial climate - perspective - Industrial Policy 20%

Module IV International Business Environment

Theories of Comparative Advantage - Foreign Exchange: The International Payments

Process -

Globalization in China and India - A comparison - International Business - Trading and

regulatory

environment - Country risk analysis

20%

Module V Change in the Indian Business Environment: Economic Reform in India

Forces of globalization: effects on India. 15%

Module IV Implication of Globalization for Indian Business

Agreement establishing the WTO --- India’s patent policy and TRIPs 15%

Texts and References:

• Francis Cherunilam, Business Environment S. Chand Publication, New Delhi (Latest Edition)

• The Business Environment, Ian Worthington, Chris Britton, Pearson Education, (Latest Edition)

• Understanding Business Environment, Clare Capon, Pearson Education, (Latest Edition)

• Sundaram, A.K. and J.S. Black, The International Business Environment (IBE), Prentice Hall, New De

• International Business Environment: Challenges and Changes, Ian Brooks, Jamie Weatherston, Graham

• Business and its Environment United States Edition, David Baron, 7th edition 2012, Pearson Educati

• Economic Surveys of India, latest edition

• RBI bulletins, latest edition

Subject Name: Industrial Economics


Course Objectives: This course will provide each student with an exposure to crucial aspects of

Industrial Economics – its developmental contribution and its challenges both in Indian and global

aspect. Facts related to trend in productivity and changes related to competitiveness with the policy

regimes along with the performance of the industries will be understood. The course will also focus on

the policy issues and the future prospects.


Define and describe the issues relating to the composition of Indian industry and list the

problems in recent context.

Outline the analytical tools for understanding the pricing mechanism and competitiveness in the

industrial sector- public private, small- medium- large industries along with the growth and

sickness of Indian industry .

Clearly diagnose and illustrate the problems in industrial economy in India and will be able to

develop an effective and comprehensive solution on– Financing, Management and other related

issues.

Justify and interpret the the problems of Indian economy specially in the context of Indian

Industry and can suggest prospective measures which can be implemented as a solution to the

problems.

Syllabus:

Weightage (%)

Module I Overview of the Industrial Scene in India

25%

Trends in growth and productivity;

Competitiveness and changes in Policy Regimes.

Employment growth in the industrial sector

Module II Issues relating to the Composition of Indian Industry

25%

Small vs. Large Industry

Public vs. Private Sector, with emphasis on:

Performance of the public sector

Privatization

Dynamics of the Industrial Sector: Growth and Sickness

Pricing in the public and private sectors

Module III International Dimensions of Industrial Economics. 25%

Bases of international trade.

Protection and domestic market power.

Multinational Enterprises.

Case studies of International industrial issues.

Module IV Policy Issues and Future Prospects: Empirical Analysis at national and

global perspective

25%

Need for Government regulation in industrial policies.

Legal framework of Industrial regulation in India.

An evaluation of Indian Industrial policy.

Theory of market structure in exogenous and endogenous sunk cost

industries

Technology and market structure

Text Reading:

Dilip Mookherjee, ed. (1995), Indian Industry, Oxford University Press, New Delhi.

RR Barthwal, Industrial Economics, New Age International Publisher , 2012

References:

J. Bhagwati (1993), India in Transition: Freeing the Economy, Clarendon Oxford 1993

Mrinal Datta Chaudhri (1990), Market Failure and Government Failure: Journal of Economic

Perspectives

NCAER The India Infrastructure Report (Rakesh Mohan Committee)

Department of Disinvestment, White Paper, 2000

SEMESTER V

Subject Name: Regional Economics


Course Objectives: The course intends to provide a specialization with respect to planning and

development and the strategies thereof. It gives a framework for concepts theories and models related

to regional development. The course also aims at introducing disparities in regional development at

national as well as global levels

Student Learning Outcomes: After completing the course successfully, the students will be able to

1. Understand the meaning and importance of regional economics

2. Explain various types of region

3. Appraise Regional Economic Development at national and global perspectives

4. Analyze conclusions drawn from various theories with respect to India

5. Understand basic concepts of regional economics and regional flows

6. Understand and discuss various models of regional development

7. Summarize HDI and HPI in terms of real world situations

Syllabus:

Module I Introduction Weightage

Regional Economics: Meaning, definition, scope of study, relevance of regional

economics

Types and Classification of regions: formal, informal and functional regions

Factors of Spatial Economic behaviour, concept of regional income and problems in

estimation (with special reference to India)

Regional Economic Development: Global Perspectives

Concept of Divergent Regional Development


30%

Module II Economics of Location and Regional Flows

Webers’ Theory of Industrial Location

Thunen’s theory of Agricultural Location

Christaller’s Central Place Theory

Ideal Economic Space of Losch

Sargent Florence’s theory of Industrial Location

Theory of unbalanced growth by Hirshchman

Migration: Types, Interfaces, Ramifications and models

Concept of location quotient

Concepts related to Agglomeration, backwash effect, backward and forward linkages


35%

Module III Models of Regional Growth and measures of inequality

O-ring model

Gravity models

cumulative Causation models

Markov’s Chain Model of Inter-Regional Savings and Capital Growth

Growth Poles and Urbanization, relevance of smart cities

Hausmann- Rodrik-Valeasco Growth Diagnostic Framework

HDI and HPI

Convergence and Divergence, concept of creative destruction,

Measuring inequality: Lorenz curve and Gini Coefficient

Growth and Poverty: Poverty trap, economic characteristics of poverty and policy options

for the same (including concepts of microfinance and economic inclusion


35%

Text Reading:

1. An Introduction to Regional Economics by Edgar Hoover and Frank Giarattani Knopf, new

york. Isbn 9780394334134

2. Harry W Richardson – Elements of Regional Economics, penguin

3. Harry W Richardson (1973), Regional Growth Theory, Macmillan.

4. Harvey Armstrong and Jim Taylor (1978), Regional Economic Policy and its Analysis, First

Edition, Philip Allan Publishers

5. Regional Economics and Regional Planning: O.S. Shrivastava

6. Economic Development: M.P. Todaro and S.C. Smith

Subject Name: Basics of Health Economics


Course Objectives: The course aims to understand the economic theory of health and healthcare. The

emphasis will be on key economic concepts that health economists use to analyze health and healthcare

markets.


Use economic theory of health to understand and evaluate policy proposals.

Understand how to use empirical evidence to evaluate an economic argument.

Understand and use the concepts of health insurance and health care market

Appraise the health care market

Course Contents/Syllabus:

Module I : Introduction Weightage

Demand for Health and Health Care: The Grossman Model

Equity, Efficiency and Need

Government’s Role in Health Care

40

Module II: Health Insurance and health care market

Brief History of Health Care

Demand for Insurance: Information, Complexity, and Decision-Making

Health Care Insurance, Moral Hazard, and Adverse Selection

40

Module III: Health and Economic Development

International Comparisons of Health Care Reform

Health and Economic Development

20

Text & References:

Health Economics by Bhattacharya, Hyde and Tu (2013)

Handbook of Health Economics, Edited by ANTHONY J. CULYER University of York and JOSEPH P.

NEWHOUSE Harvard University Medical School

References:

Manning, Willard G., et al. 1987. “Health Insurance and the Demand for Medical Care: Evidence

from a Randomized Experiment,” American Economic Review, 77(3), 251-277

Urbina Ian. In the Treatment of Diabetes, Success Often Does Not Pay. New York Times, January

11th 2006.

Health Economics by Frank A Solan and Chee-Ruey Hsieh

Subject Name: Fundamentals of Behavioural Economics


Course Objectives:

This course familiarizes students with the approach to economics and presents economic models that

take into account the rich psychological structure of human decision-making. We analyze the

consequences of using such a nuanced behavioral model of decision-making, and of taking into account

the existence of social preferences (such as other regarding, altruistic preferences) and so forth. The

course deals also with the implications human irrationality would have for economic policy-making as

well as research into human subjective wellbeing (“happiness”) and its economic correlates.


Module I CHOICE AND BEHAVIOUR Weight (%)

Introduction/methodological considerations

Rational choice (under certainty, risk and uncertainty)

Deviations from rational choice

Alternatives: heuristics, satisficing

40

Module II STRATEGIC INTERACTION

Strategic interaction and altruistic preferences

Game theory ,Behavioral game theory

30

Module III SUBJECTIVE WELL BEING

What is happiness, how do we measure it?

What makes us happy? Do we know this?

The politics of happiness (or better not?)

30

Books:

William J. Congdon, Jeffrey R. Kling and Sendhil Mullainathan. 2011. Policy and Choice: Public

Finance through the Lens of Behavioral Economics, Brookings Institution Press.

Richard H. Thaler and Cass R. Sunstein. 2009. Nudge: Improving Decisions about Health, Wealth,

and Happiness (Updated Edition), Penguin Books.

Danial Kahneman. 2011. Thinking Fast and Slow. Farrar, Strauss and Giroux

Suggested Readings:

D. Kahneman and A. Tversky; “Choices, Values, and Frames”; (2000); Cambridge University

Press: Cambridge.

C. Camerer, G. Loewenstein and M. Rabin; “Advances in Behavioural Economics”; ed. Camerer,

Loewenstein and Rabin; (2004).

F. Shane, G. Loewenstein and T. O'Donoghue; “Time Discounting and Time Preference: A Critical

Review”; Journal of Economic Literature; Jun., (2002), Vol. 40, No. 2. pp. 351-401

Clark, E. P. Frijters and M. A. Shields “Relative Income, Happiness, and Utility: An Explanation for

the Easterlin Paradox and Other Puzzles”; Journal of Economic Literature; (2008), 46:1, 95–144

D. G. Blanchflower and A. J. Oswald; “Well-Being over Time in Britain and the USA”; Journal of

Public Economics; (2004) 88(7–8): 1359–86.

E. Proto and A. Rustichini; "A reassessment of the Relation Between GDP and Life Satisfaction";

PLOS ONE; November, 2013.

Oswald, E. Proto and D. Sgroi; “Happiness and Productivity”; Journal of Labour Economics;

(2013); Forthcoming.

Subject Name: Labour Economics


Course Objectives:

The primary goal of this course is to understand the basic concept labour markets. The course will

familiarize students with economic theories of labour supply and demand decisions, wage

determination, human capital, unemployment, gender and race discrimination, work incentives,

unionization, and the evaluation of social programs.


1. Investigate a worker’s and firm’s labour supply decision with special reference to India.

2. Understand the dynamics of labour market equilibrium.

3. Summarise important policy issues like immigration and the minimum wage.

4. Analyze the wage dynamics of jobs with desirable or undesirable characteristics especially

in the Indian Market.


Module I Introduction Weight (%)

Meaning, Significance and Peculiarities of labour market

Nature and Scope of Labour Economics

Characteristic of Indian labour Market

30

Module II WAGE DETERMINATION

Classical, neo-classical and bargaining theories of wage determination

Concepts of minimum wage

Living wage and fair wage in theory and practice

Discrimination in labour markets

Non-wage component of labour remuneration

30

Inflation-wage relationship at micro and macro levels

Module III STATE AND LABOUR: EMPIRICAL ANALYSIS

State and social security of labour - Concept of social security and its evolution

Social assistance and social insurance

Review and appraisal of states policies :National and global scenario

Globalization and labour markets.

40

Text Readings:

Datt, G (1996), Bargaining Power, Wages and Employment: An Analysis of Agricultural Labour

Markets in India, Sage Publications, New Delhi.

Hajela, P.D. (1998), Labour Restructuring in India: A Critique of the New Economic Policies,

Commonwealth Publishers, New Delhi.

Laster, R.A. (1964), Economics of Labour, (2nd Edition), Macmillan, New York.

References:

McConnell, C.R. and S.L. Brue (1986), Contemporary Labour Economics, McGraw-Hill, New York.

Papola, T.S., P.P. Ghosh and A.N. S h a r m a (Eds.) (1993), Labour, employment and Industrial

Relations in India, B.R. Publishing Corporation, New Delhi.

Subject Name: Fundamentals of Environmental Economics


Course Objectives: Environmental issues at local, national and global levels are among the foremost

challenges facing society today and are a result of complex interactions of natural processes with

economic forces and policies. The effects of development on the environment and access to resources is

one of the most challenging fields that has grown over the past four decades and is now one of the key

areas of study. Since policies for preventing environmental degradation is at the heart of every nation’s

policy-making, this course equip the students with key environmental issues faced by any developing

nation. It lays down the fundamental understanding of sustainable development, ways to measure it

and how these policies can be implemented.


Develop knowledge around the emergence of Environmental economics as a separate sphere of

study

Comprehend the different ways in which economic decisions, market forces and government

policies can affect the natural environment.

Possess knowledge of the theory and techniques of non-market valuation to estimate the

demand for environmental quality or the cost of environmental degradation

Elaborate on various command based and quantity based instrument on curbing pollution

Identify and evaluate the problems in policy making around environmental issues.

Analyze the relevance of environmental economics to notions of sustainable development.

Syllabus:

Module I Overview Weightage

How do we define 'Environment', Components of environment- Various Biotic and

Abiotic components.

Evolution of Environmental Economics - Its importance in today's world, meaning

and growth as a separate realm of economics.

Interrelationship between environment and economic development.: Pollution-

Poverty-Population Circle

30%

Module II Sustainable Development and Environmental Management

Sustainable Development: Concept, Indicators and Measurement

Concept of Ambient Concentration Vs Levels of emission, Carbon Credit, The coase

theorem, Pigovian fees and Marketable Permit System

Market Failure: Public goods v/s private goods, Public Bads and Externalities.

Measuring the Benefits of Environmental Improvements: Non-Market values and

measurement methods

40%

Module III Environmental Challenges in Global Persspective

Case studies of different types of pollution: In India and globally.

Principal causes of environmental crisis globally: case study of any developed

economy/developing economy, Kyoto Debate.

Environmental issues in global perspective- Case study of any country with special

refence to green energy

30%

Text Reading:

Charles Kolstad, Intermediate Environmental Economics, Oxford University Press, 2 nd edition,

2010. 2.

Robert N. Stavins (ed.), Economics of the Environment

W.W. Norton, 5th edition, 2005. 3.

Roger Perman, Yue Ma, James McGilvray and Michael Common, Natural Resource and

Environmental Economics, Pearson Education/Addison Wesley, 3rd edition, 2003. 4.

Maureen L. Cropper and Wallace E. Oates, 1992, ―Environmental Economics: A Survey,‖ Journal of Economic Literature, Volume 30:675-740.

Joseph, K. and R. Nagendran; Essentials of Environmental Studies, Pearson Education.

DeshBandhu, H Singh and A.K. Mitra (1990). Environmental Education and Sustainable

Development. New Delhi, Indian Environmental Society

Hanley N., J.Shogren and B.White. (1997). Environmental Economics in Theory and Practice. 1st

edition only. Basingstoke: Macmillan. A333.7 /783687.

Perman, Ma, McGilvray, Commons (2003), Natural Resource and Environmental Economics,

Third Edition, Pearson.

Pearce D W & R K Turner. Economics of natural resources and the environment Harvester

Wheatsheaf 1990.

Tietenberg T and Lynne Lewis: Environmental and natural resource economics. 9th Edition,

Pearson, 2012.

References:

Dhaliwal, G.S., G.S Sangha and P.K. Ralhan (1998); Fundamentals of Environmental Science; New

Delhi; Kalyani Publishers.

Dixon, John A., Louise F. Scura, Richard A. Carpenter and Paul B. Sherman (1994); Economic

Analysis of Environmental Impacts. London: Earthscan

SEMESTER VI

Subject Name: Economic System and Society


Course Objectives: The main objectives of this course is to introduce students to Marxist political

economy; compare the Marxist approach with alternative theoretical perspectives on capitalism and its

drivers and contradictions; compare different approaches to key concepts in Marxian political economy;

and examine critically the Marxist contributions to the study of development and contemporary

capitalism. This course will reflect the socio-economic change in Historical perspective, capitalism as an

economic system, structure of capitalism and capitalism in global context.


Identify and understand the most important concepts, debates and problems in Marxist political

economy.

Critically interpret economic issues, problems and debates in the light of Marxist methods,

concepts and contributions.

The student will be able to identify the different modes of production from primitive society to

socialist form of society structure.

Clearly differentiate between changed production relations from one mode of production to

another.

Elaborate reasons for the dissolution of a society: see the shift from feudalism toward capitalism

Syllabus:

WEIGHTAGE

(%)

1

Module I: OVERVIEW

Analyzing Socio-Economic Change in Historical Perspective: concept of

productive forces, superstructure and production relations

Different modes of production- Primitive society, Slavery, feudalism,

capitalism and feudalism: Antagonistic vs Non-antagonistic.

Laws of conformity: Changes in economic base vs Dissolution of

superstructure

Law of dialectical Materialism: 3 major contradictions.

25

2 Module II: TRANSFORMATION OF SOCIAL SYSTEM

The transition Debate: From feudalism to capitalism, Marxian Vs Non

Marxian School of thought

Pre-requisites for capitalism to emerge as a social system.

Transformation of C-M-C circuit to M-C-M' circuit under capitalistic

mode of production

Crisis under Capitalism: Possibility theory And Necessity theory.

45

3 Module III: CAPITALISM IN MODERN PRESPECTIVE

Marxian theory of value: extraction of surplus value, simple scheme of

reproduction under capitalism.

Multinational corporations and their impact on the developing

economics

Managerial revolution and Technostructure.

Changing Paradigms of action in third world nations: Old

internationalization Vs New Internationalization.

30

Text:

1. J. Schumpeter (1942), Capitalism, Socialism and Democracy, George Allen and Unwin (1976

edition).

2. T. Bottomore (1985), Theories of Modern Capitalism, Allen & Unwin. Chapters on Weber &

Schumpeter.

References:

1. D. Foley (1983), “Commodity”, in T. Bottomore et al(ed.), The Dictionary of Marxist Thought.,

OUP, (Indian edition, Maya Blackwell, 2000)

2. R. Blackburn (ed.) (1972), Ideology in Social Science, Chapter 8, Fontana

3. Rodney Hilton(ed.) The Transition from Feudalism to Capitalism, Introduction

4. P. Hirst and J. Zeitiln (1997), “Flexible Specialization: Theory and Evidence in the Analysis of

Industrial Change”, in R. Boyer et al (ed.), Contemporary Capitalism, Cambridge University Press.

5. Bottomore, T. (ed.) (1991) A Dictionary of Marxist Thought. Oxford: Basil Blackwell.

6. Fine, B. (1980) Economic Theory and Ideology. London: Edward Arnold.

7. Fine, B. and D. Milonakis (2009) From Economics Imperialism to Freakonomics: The Shifting

Boundaries Between Economics and other Social Sciences. London and New York: Routledge.

8. Fine, B. and Harris, L. (1979) Rereading ‘Capital’, London: Macmillan.

9. Fine, B. and Saad-Filho, A. (2010) Marx’s Capital, 5th ed. London: Pluto Press.

10. Fine, B. and Saad-Filho, A. (2013) The Elgar Companion to Marxist Economics. Aldershot: Edward

Elgar.

11. Harvey, D. (1982) The Limits to Capital. London: Blackwell.

12. Harvey, D. (2010) A Companion to Marx’s Capital. London: Verso.

13. Howard, M.C. and King, J. (1989, 1991) A History of Marxian Economics, 2 Vols. Princeton:

Princeton University Press.

14. Milonakis, D. and Fine, B. (2009). From Political Economy to Economics: Method, tshe Social and

the Historical in the Evolution of Economic Theory. London: Routledge.

15. Rubin I.l. (1972) Essays on Marx’s Theory of Value. Detroit: Black and Red.

Subject Name: Fundamentals of Operation Research


Course Objectives: Operations Research provides quantitative basis for decision making or enhances a

managers’ ability to make long range plans and to solve the everyday problems of running a concern.

Linear programming is used to find a solution for optimizing a given objective, similarity Network

analyses help the manager to plan schedule monitor & control large projects. Queuing theory deals with

the situation in which queue is formed.


Apply their knowledge to solve decision making problems in organizations and in various fields

like economics , production ,finance, marketing, personnel management

Use the Linear programming techniques in optimization

Explain and solve the transportation and assignment problem by minimizing transportation cost

and assignment cost

Use Network analysis which will help the manager to plan schedule ,monitor and control large

projects

Solve the queuing problems through p d f of different models

Justify how the optimum decisions can be taken

Syllabus:

Module I Basics of Operations Research Weightage

Definition of Operations Research, Characteristics of operations research, necessity of

operations research in industry, Scope of operations research, operations research &

decision making

10%

Module II Linear Programming

Requirement for a Linear Programming Problem, Graphical solution of two variable, Linear

Programming Problems

some exceptional cases, Simplex Method, Duality, Dual Simplex, Limitations of Linear

programming Problem.

20%

Module III Transportation Model

Definition of Transportation Model, Mathematical Formulation of the problem, Methods

for Initial basic feasible

solution, North-west Corner method, Matrix Minima, Vogel’s Approximation (VAM),

Optionality test.

20%

Module IV Assignment Models

Definitions, Formulation & Solution of Assignment Models 20%

Module V Pert &CPM

Introduction, Forward pars, backward pars computations, How CPM differs from PERT ?

Critical Path- determination 15%

Module IV Queuing Models

Introduction & application of Queuing Models, MM-I Models- Single- Channel Queuing

theory 15%

Text Reading:

Operations Research: Theory & Applications 3rd E, Sharma J K. , : Macmillan India Limited

References:

Methods of Operations Research by Morse Philip Mccord, Dover Publication

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